Chevron said its net income for Q1 2024 was $5.5 billion ($2.97 per diluted share), compared with $6.6 billion ($3.46 per diluted share) for Q1 2023. Adjusted earnings were $5.4 billion ($2.93 per share) for Q1 2023, compared with $6.7 billion ($3.55 per share).

1. 01

   Chevron said its net income for Q1 2024 was $5.5 billion ($2.97 per diluted share), compared with $6.6 billion ($3.46 per diluted share) for Q1 2023. Adjusted earnings were $5.4 billion ($2.93 per share) for Q1 2023, compared with $6.7 billion ($3.55 per share).

2. 02

   Chevron cited lower margins on refined product sales and lower natural gas realizations as the main reasons its net income fell in Q1 from Q1 2023, partly offset by higher upstream sales volumes in the U.S., the company said. Upstream earnings were $5,239 million, and downstream earnings were $783 million.

3. 03

   Chevron said cash flow from operations was $6.8 billion, capital expenditures were $4.1 billion and free cash flow was $2.7 billion in Q1 2024. In the same quarter, it returned $6.0 billion to shareholders, including dividends of $3.0 billion and share repurchases of about $3.0 billion.

4. 04

   Chevron said worldwide production for Q1 2024 was up 12% from Q1 2023, mainly due to the acquisition of PDC Energy, Inc. and operational performance in the Permian and DJ Basins. U.S. net oil-equivalent production rose 35%.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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